MITEK POSTS LOSS, TOPS PROJECTIONS WITH MOBILE DEPOSITS

It is quarterly earnings season again, with several San Diego companies reporting this week how they did for the quarter ended Dec. 31. Here is a wrap-up of their results.

Mitek Systems

San Diego’s Mitek Systems, which makes technology used in photo mobile deposit apps, posted sales of $3.3 million for its fiscal first quarter ended in December, down from $3.5 million for the year-before period.

The net loss was $1.4 million, or 5 cents a share. That compares with a profit of $26,000 a year earlier.

The reduction in revenue and profit stemmed from the timing of revenue recognition for banks and credit unions, which license its technology for mobile deposit apps. Still, the results were ahead of Wall Street analysts’ forecast.

Mitek said it has signed 708 financial institutions to license agreements for its mobile deposit technology, which allows customers to deposit a check by snapping a picture of it with their smartphones. Of those, 318 banks and credit unions have launched mobile deposit services to their customers so far.

“We continue to see strong market demand for our flagship Mobile Deposit product with over 25 percent increase in transaction usage for the third consecutive quarter,” said James DeBello, Mitek’s chief executive.

In addition, U.S. Bank became Mitek’s first customer to sign up for its mobile bill pay technology.

Mitek released results Thursday after markets closed. It shares were up 37 cents Friday at $3.83 on the Nasdaq exchange.

Cohu

Cohu, a maker of test and handling equipment used in semiconductor production, posted fourth-quarter sales of $50.7 million and a loss of $5.2 million, or 21 cents a share.

For the full year, Cohu recorded sales of $221.2 million and a loss of $12.2 million, or 50 cents per share.

Its results were still better than previously forecast. Chief Executive James Donahue said use of its equipment at semiconductor factories was flat during the quarter, which means customers didn’t need to buy more Cohu machines. “With the exception of technology-related buys, customers remain cautious and weak macroeconomic conditions are likely to continue to affect business over the near term,” Donahue said.

Cohu completed its acquisition of Ismeca, also a semiconductor equipment maker, in the fourth quarter. It expects first-quarter 2013 sales to be between $52 million and $57 million.

The Poway firm released results Wednesday. Its shares rose 5 percent Friday to $10.85 on the Nasdaq.

ServiceNow

ServiceNow, a maker of help desk and other software for corporate information technology departments, said fourth-quarter revenue increased 95 percent to $75.2 million.

It lost $9.9 million, or 8 cents a share, versus a year-earlier loss of $6.8 million.

For the full year, ServiceNow’s sales rose 90 percent over 2011 to $243.7 million. Its 2012 net loss rose to $37.3 million, or 51 cents a share, from $1.7 million in 2011.

ServiceNow has been investing to grow its customer base, which is why it is not making money. Chief Executive Frank Slootman said the company added 538 customers last year and now has 1,512 firms using its software worldwide.

The company forecast revenues of $81.5 and $82.5 million in the first quarter of this year. It predicts a loss of 4 cents to 5 cents per share.

ServiceNow released results Tuesday. Its shares fell 9 percent Friday to $28.07 on the Nasdaq.

Silvergate Bank

Silvergate Bank of San Diego posted fourth-quarter net income of $2.5 million, up from $801,000 for the year-earlier period.

For the full year, it made $7.39 million, a 104 percent increase from $3 million in 2011.

The community bank’s total assets for the year grew by $200 million to $684 million for the year. It has been growing through commercial real estate lending and warehouse lending through brokers for residential mortgages. It also has been purchasing reverse mortgages insured by the Federal Housing Administration.

The bank ended the quarter with a total risk-based capital ratio — its cushion against loan losses — of 15.6 percent, which is considered “well capitalized.”